PUNE, India, February 21, 2018 /PRNewswire/ --
The report "Condensing Unit Market by Type (Air-Cooled, Water-Cooled, Evaporative Condensing Unit), Application (Commercial, Industrial, Transportation), Function (Air Conditioning, Refrigeration), and Region - Global Forecast to 2022" published by MarketsandMarkets™, the global market is projected to grow from an estimated USD 21.94 Billion in 2017 to USD 32.47 Billion by 2022, at a CAGR of 8.2% from 2017 to 2022.
Browse 105 tables and 33 figures spread through 143 pages and in-depth TOC on "Condensing Unit Market"
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The growth of the Condensing Unit Market is driven by the improvements in the quality of condensing units. Consumers primarily demand technologically advanced condensing units due to the benefits they offer such as durability, improved performance of the refrigeration & air conditioning systems, and extended shelf life. The growth in end-use markets such as supermarkets, hypermarkets, and organized retail food chains is leading to increasing demand for condensing units, especially in the commercial segment.
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The air-cooled condensing unit segment is estimated to account for the largest share of the Condensing Unit Market, by type for the forecast period.
Based on type, the air-cooled condensing segment is estimated to account for the largest share of the Condensing Unit Market in 2017. Air-cooled condensing units are the most commonly used condensing units for across applications as they have low maintenance and installation cost compared to water-cooled condensing units. Low maintenance as well as installation cost and rising water scarcity issues are the key factors driving the growth of the air-cooled condensing unit segment of the Condensing Unit Market.
The industrial segment is estimated to be the fastest-growing application segment of the Condensing Unit Market, by application during the forecast period.
Based on application, the industrial segment is expected to grow at the highest rate due to the growing demand from advanced refrigeration. Growing industrialization in the Asia Pacific region is also expected to drive the industrial segment during the forecast period.
The air conditioning segment is expected to dominate the Condensing Unit Market during the forecast period.
Based on function, the air conditioning segment accounted for the major share of the Condensing Unit Market in 2017. The air conditioning segment is also expected to grow at highest rate due to the growing demand from various applications such as hotel & restaurants, food processing units, etc.
Asia Pacific is expected to hold the largest share of the Condensing Unit Market during the forecast period.
China is the largest market for condensing units in the Asia Pacific region. The growth in power and chemical industries is projected to be the key driving factor for the Condensing Unit Market in the Asia Pacific region. The growing HVAC industry, along with the increased demand for supermarkets and food processing & storage facilities segment drives the market of condensing units in the region. The rapid growth of industrialization in the region is also a driving factor for the Condensing Unit Market.
Key players in the Condensing Unit Market include Emerson Electric Company (US), Carrier Corporation (US), Danfoss (Denmark), GEA Group (Germany), Heatcraft Worldwide Refrigeration (US), and BITZER (Germany), among others.
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